You’re probably already using your smartphone for more than making calls. But did you know it can be a handy money management tool? Here are five free personal finance apps to check out—and tips for safe downloading.
- Mint (iPhone, Android) Mint brings all of your financial accounts together and organizes them into categories so you know how you spend your money. You can then use this information to create a budget, and Mint will help keep your financial goals on track with handy tips, tools and alerts.
- Sig Fig (iPhone, Android) This app syncs your 401(k), IRA, brokerage and other investment accounts so you can track them together in real time. Sig Fig also analyzes your accounts to create easy-to-read investment charts and generate weekly portfolio reports and investment advice.
- Manilla (iPhone, Android) Manilla acts as your mobile mailbox by managing your bills in one secure location. The app receives, stores, and alerts you about statements from cell phone providers, credit card companies, magazine subscription services, and more.
- Credit Karma (iPhone) This app provides free credit scores and credit monitoring. With Credit Karma, you can view your score and learn when your credit has changed. The app also helps you be more credit-conscious by giving you credit report cards complete with information about factors affecting your score.
- State Farm® Pocket Agent® (iPhone, Android) Monitor your State Farm Bank® and Mutual Fund accounts with this convenient app. State Farm Bank customers with at least two Internet-enabled deposit accounts can use the app to transfer funds from one eligible account to another. (This feature is not available in Canada.) Mutual Funds customers can view their account balances and a phone number that can be used to purchase, redeem or exchange shares for most personal investment accounts right from the app. Plus, if you’re ever involved in an accident, the app also lets you “draw” the scene, find a tow truck and contact your State Farm® agent.
Protect your personal information and privacy when downloading apps. Follow these tips:
- Download apps from reputable sources. (e.g. Apple’s App Store, Google Play)
- Read customer reviews and ratings.
- Look for apps with higher numbers of downloads.
- Research the app developer.
- Review the app permissions. These outline what information the app has access to once downloaded.
- Password-protect your phone and applications in case your device is lost or stolen.
Before selecting an app, decide what you want to accomplish, whether it's monitoring spending, conducting transactions or some other function. And remember, whichever app you choose, it won't do the work all on its own. If you're committed to entering, monitoring and using the data, an app can become a very convenient financial assistant.
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